Video shared with Reuters showed emergency services rushing to the burning helicopter outside of the stadium.
It was not known whether Vichai, the founder of duty-free giant King Power International, was in the helicopter when it spiralled out of control and crashed just yards from the pitch, around an hour after the game had ended.
According to eyewitnesses, the helicopter just cleared the top of the stadium before it started to spin. It then plummeted to the ground and burst into flames. Leicester had played a league match at home against West Ham United earlier on Saturday, drawing 1-1.
PHOTO COURTESY TWITTER @MRGEOFFPETERS